October 22, 2015
Leasing Strategies for 2016
Many property management companies don’t put much thought into their leasing strategies. They’ve been in business long enough—why fix what isn’t broken. Right?
Times have changed. Processes are increasingly becoming automated, and for good reason. Not only do they save time—for your residents AND for you—but they also minimize errors.
If you’re still completing leases using paper and pen, it’s time to re-think your approach to leasing and get ready for the 2016 cycle. Here’s how:
- Streamline your leasing process. We said it before, we’ll say it again: Automation is upon us. And it’s making businesses better, faster and more cost-effective. By automating your approval flow and process, you’ll be in an improved position to make the right decisions to increase the number of new leases and quality residents.
- Set goals. Whether you set your goals monthly or quarterly, create goals for both new leases as well as retention rates. As well, set goals for the leasing format. For example, decide that 75% of all leases should be paper-free—in other words, completed online. For the remaining 25%, you can still implement an automated system to print out and track documents.
- Purge, purge, purge! There’s nothing to be gained by doing business “the same old way.” Get rid of pre-printed applications that are prone to errors. We’re not just talking typos; errors in lease amounts and lease terms can be far more troublesome. Once you’ve signed off on the wrong amount or timeframe, it can be hard—if not impossible—to rectify.
- Offer multiple payment options. Enabling your prospects as well as existing renters to pay online using credit cards, debit cards and e-transfers opens up far more options. You can entice new renters with these options, as well as obtain the security deposit. Greater selection and improved convenience translates to happier residents. It also improves the odds that rent will come in on time.
- Introduce an auto-renewal policy. Automatic renewals go a long way toward boosting retention rates. They also help you cut back on admin costs; think how much time and money you’d save if you could eliminate tasks like writing and delivering printed notices, or meeting face-to-face with renters. In addition to automatic renewals, you can offer multi-year renewals, giving a slight discount to renters who opt for two-year or three-year leases.
New Year, New Strategy
The best way to get ready for the 2016 lease cycle is to implement an Online Application system. Property Vista offers the tools you need to streamline your processes, cut back on costs and improve retention rates.
Our leasing module guides prospective residents and co-signers through the application process, quickly and easily, which dramatically reduces the time from application to approval.
To learn more about our Online Application system, sign up for your free account today or give us a call to learn more.